Author Topic: Hey young folks, want to let mom and dad move in for the duration???  (Read 5034 times)

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Offline 5412

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Hi,

I just wanted to draw everyone's attention to what is about to become a HUGE problem for a lot of folks in the not too distant future.

Like most folks my age (almost 70), I played by the rules, worked my tail off, actually saved some money so I could retire and not be a burden to my family.  In my generation, the rule of retirement planning was buy CD's at 6% and live off the interest, plus social security for the rest of your life, and then you might actually be able to leave a couple bucks to your kids. 

I even went so far as to be conservative, I ran all the retirement numbers at a 5% return just to have a cushion.  I did my job, saved my money and when I retired put my next egg into a collection of CD's laddered out for almost 20 years.  I was cool for the duration.

During the last three months I have had countless CD's mature, and several that were callable were called, with more on the horizon.  Already my interest income is down 30%.  I spent the last two weeks on vacation in AZ and came home to discover that four were called at an average interest rate of 5.5%.....and I cannot possilby duplicate that amount of income, nor am I fool enough to invest in stocks.  Just to give you an idea, I recently had some 6% CD's mature and replaced them with CD's paying 1.5%....meaning a 75% reduction in income.  Many of my friends have lost several hundred thousand they could ill afford to lose over the last year or so and they are hurting a lot more than I am.

Why are the CD's being called?  Pretty simple, the government is giving the banks money virtually interest free, why should they borrow it for 5-6%.  Instead of the bail out money going into loans, they are using it to buy back their debt from us seniors. 

It is no wonder they want a health care program that is based on cost effectiveness, it will hasten the death of seniors.  It will not be long before they will want to factor in the price of the medical procedure plus the amount of social security the person receives into the equasion in deciding if it is "cost effective" for the government to spend the money.  The quicker they can get the seniors who worked hard and get social security money (because they EARNED it) off to the great haven in the sky, the quicker they will have more money for folks on the government dole who will vote democratic.

I really hate to say this, but a lot of young folks are going to be sending their kids off to college and mom and dad will be moving in to their bedrooms.   It is really scary.

regards,
5412


Offline Gratiot

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #1 on: March 23, 2009, 08:01:18 PM »
Scratch what I was originally going to write.

Why don't you just invest in something besides CDs?  If you're able to live off of the interest of CDs and social security.  I'd be hard pressed to imagine you don't have other investment options. 
« Last Edit: March 23, 2009, 08:09:38 PM by Gratiot »

Offline Lord Undies

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #2 on: March 23, 2009, 08:18:38 PM »
Our social security use to be our families.  It was a given.  We took care of our own.  I can't say I will be sorry to see those days return......if we can get rid of the other "social security".

The investment game is a gamble.  I'm sorry you are being rapidly scaled down.  The trick is to find some other avenue of return.  I'm currently reccommending depress properties.

Offline whiteguyPI

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #3 on: March 23, 2009, 08:44:45 PM »
I wouldn't mind if the parental guidance types moved in with me at this date.  I have 2 empty bedrooms in this rental house thanks to The Big Zero and the oil field crash here in Colorado.  I'm on the road most of the time anyways now since I had to take a job as a truck driver.  Having someone watch over my stuff when I'm not here would be grand.
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Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #4 on: March 23, 2009, 08:55:08 PM »
My mom lost a good chunk of her 401K in the last year or so and is scared about her prospects upon retiring.  I've already told her that she and my dad are welcome to move in with me any time.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline NHSparky

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #5 on: March 23, 2009, 09:12:50 PM »
Mom is already retired and on SS.  Dad doesn't much care right this moment--yes, he reaches retirement age soon but he's one of those guys who will NEVER quit working, it seems.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline Black Swan

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #6 on: March 23, 2009, 09:14:29 PM »
5412.  I hear what you are saying.  Stock market, retirement accounts, etc aside the most glaring is health care.  If a national health care program is implemented I fear you are right in that we old folks will not live long--as we are no longer cost effective.  0 has said he intends to "squeeze" medicare for funds.  Pretty scary to think about.  What a slap in the face for doing what we thought was responsible.  As far as investing in something other than CD's--can't say much if any other investments have done any better.  401K was a preferred method today and look what they have lost.  Both CD's and 401K's were pushed as great savings by the government.  Could the push have been for their benefit not ours?  These issues can make a person get pretty ugly.  

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #7 on: March 23, 2009, 09:40:28 PM »
Scratch what I was originally going to write.

Why don't you just invest in something besides CDs?  If you're able to live off of the interest of CDs and social security.  I'd be hard pressed to imagine you don't have other investment options. 

Hi,

Sure I have other options...none in the stock market that is for sure.  None is guaranteed.  One thing I know is this.  If I kept my savings in dollars I will be really screwed because the dollar is going to be devalued big time before I die.

Pray tell where would one suggest I invest where I can protect my principal and provide enough income for me to live???

I am currently subscribing to many good services who all seem to have the answer and I am old enough to know that most of them benefit only one person, the one selling the particular flavor of investment.

What most should worry about is parents who have some CD's, social security and a fixed pension.  Now they have much less flexibility than I do as I was self employed and rolled my retirment into a self directed ROTH.

Let me fill you in on a secret.  When Roosevelt implemented social security it started paying when you were 65 and the average male lived until 65 years, two months.  On average you got two checks and died.  In those days people worked until they dropped dead and Roosevelt created Social Security to get the old farts to quit working to create jobs for younger people.  It used to be that once you got paid social security, if you worked, for every two dollars you earned you would lose a dollar in social security benefits.  Supply side economics worked so well that it created huge job shortages so either Reagan or Bush I changed that so you could work after 65 and your benefits would not be reduced.  While Jimmie Carter saw fit to tax your social secuirty income, it is not reduced by other income you earn.  If too many folks have to continue to work to survive, I expect the libs will eventually penalize them for working by cutting their benefits.

regards,
5412
« Last Edit: March 23, 2009, 09:47:24 PM by 5412 »

Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #8 on: March 23, 2009, 09:49:33 PM »
Hi,

Sure I have other options...none in the stock market that is for sure.  None is guaranteed.  One thing I know is this.  If I kept my savings in dollars I will be really screwed because the dollar is going to be devalued big time before I die.

Pray tell where would one suggest I invest where I can protect my principal and provide enough income for me to live???

I am currently subscribing to many good services who all seem to have the answer and I am old enough to know that most of them benefit only one person, the one selling the particular flavor of investment.

What most should worry about is parents who have some CD's, social security and a fixed pension.  Now they have much less flexibility than I do as I was self employed and rolled my retirment into a self directed ROTH.

Let me fill you in on a secret.  When Roosevelt implemented social security it started paying when you were 65 and the average male lived until 65 years, two months.  On average you got two checks and died.  In those days people worked until they dropped dead and Roosevelt created Social Security to get the old farts to quit working to create jobs for younger people.  It used to be that once you got paid social security, if you worked, for every two dollars you earned you would lose a dollar in social security benefits.  Supply side economics worked so well that it created huge job shortages so either Reagan or Bush I changed that so you could work after 65 and your benefits would not be reduced.  While Jimmie Carter saw fit to tax your social secuirty income, it is not reduced by other income you earn.  If too many folks have to continue to work to survive, I expect the libs will eventually penalize them for working by cutting their benefits.

regards,
5412

Have you looked into various gold or other precious metal investment options?  Gold backed CDs etc?
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #9 on: March 23, 2009, 09:50:57 PM »
I wouldn't mind if the parental guidance types moved in with me at this date.  I have 2 empty bedrooms in this rental house thanks to The Big Zero and the oil field crash here in Colorado.  I'm on the road most of the time anyways now since I had to take a job as a truck driver.  Having someone watch over my stuff when I'm not here would be grand.

Hi,

At this point in life having your parents around would help.  At the same time, having raised two families, you will eventually want to be the captain of your own ship, raise your family and not have to worry about SUPPORTING your parents while you are also worried about how you will get your kids through college, and providing for your own retirement.

When they are elderly, like most, you will find yourself looking after them in many ways, but having to support them is a whole different situation.

regards,
5412

Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #10 on: March 23, 2009, 09:55:19 PM »
BTW 5412,

I think you are spot on with your comments on SS.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #11 on: March 23, 2009, 09:58:24 PM »
I wouldn't mind if the parental guidance types moved in with me at this date.  I have 2 empty bedrooms in this rental house thanks to The Big Zero and the oil field crash here in Colorado.  I'm on the road most of the time anyways now since I had to take a job as a truck driver.  Having someone watch over my stuff when I'm not here would be grand.

I've spent the last 24 years as a telecom/network engineer.  I got laid off in Jan.  I am seriously considering getting into truck driving.  Of course I'll have to go get my CDL license again, but at least that is one industry that is still hiring.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #12 on: March 23, 2009, 10:01:36 PM »
Have you looked into various gold or other precious metal investment options?  Gold backed CDs etc?

Hi,

To answer your question....yes absolutely.  Here is the problem with gold.  Roosevelt confiscated the gold during the depression to prop up the dollar.  He basically confiscated it and paid folks $20 oz.   Once he had it all, he then decreed that gold was now worth $35 oz., so he devalued the dollar by 60%.  Up until a few months ago I thought I was OK because I had some gold coins.  I learned that the government has now decreed that the value of the coin must be over 50% higher than the value of the metal or it is considered bullion, which would be confiscated.

What that means is this.  If your grandma gave you a $20 gold piece, should the government call in the gold, which is pretty likely to happen, it becomes contraband, and if you do not sell it to them for worthless dollars you are breaking the law.

Roosevelt was also authorized to call in silver which he did not do.

As a result, just owning gold will not solve the problem.  I own three metals, gold, silver and platinum legally offshore is a fashion that it is not likely to be called.  At the same time we have some "junk silver" which more than likely will become the coin of barter when the dollar becomes worthless.

And finally, I am one of those folks who is moving money offshore, legally, not to avoid taxes, but to spread my risk.  Would you rather own a CD in the US paying 2% interest or a Swiss Franc government bond paying 5%......particularly when I tell you the Swiss Franc has doubled versus the dollar over the last twenty years?  It is a bit scary and I wish I did not have to do it, but I have totally lost faith in our government and a lot of my peer group will really suffer if they are not being proactive right now.  

Most folks do not know this but you can move your IRA money offshore legally.  Should you ever decide to live in another country that is a good thing because there will come a day where they say you can leave but you can't take your money with you.....

I welcomed a couple of the CD's being called because I then was able to move some of the money into safer havens.

regards,
5412

Offline Black Swan

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #13 on: March 23, 2009, 10:08:50 PM »
5412, I am floored as I did not think you could take your money out of the country today.  Maybe I am mistaken and it is only a limited amount you can take out. 

I am intrigued by your posts.  I know nothing about gold and considered buying some gold coins. 

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #14 on: March 23, 2009, 10:09:39 PM »
5412.  I hear what you are saying.  Stock market, retirement accounts, etc aside the most glaring is health care.  If a national health care program is implemented I fear you are right in that we old folks will not live long--as we are no longer cost effective.  0 has said he intends to "squeeze" medicare for funds.  Pretty scary to think about.  What a slap in the face for doing what we thought was responsible.  As far as investing in something other than CD's--can't say much if any other investments have done any better.  401K was a preferred method today and look what they have lost.  Both CD's and 401K's were pushed as great savings by the government.  Could the push have been for their benefit not ours?  These issues can make a person get pretty ugly.  

Hi,

One of the reasons to get your IRA offshore is this.  Pelosi has been quoted as saying that she wants to confiscate all the million of dollars in  401K's and IRA and replace them with government IOU's.  If she had her way, the government would replace all your investments with government worthless bonds.

Can you just imagine what that would do to the stock market??

regards,
5412

Offline Black Swan

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #15 on: March 23, 2009, 10:13:46 PM »
How do you go about getting your IRA off-shore?  Yes, I am aware of the talk about the 401K's and IRA.  And I do not put it past them to do this.  I am in cash right now as I don't trust the banks and if they kill the $ it won't matter where my money is anyway.  I know nothing about off-shore transactions. 

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #16 on: March 23, 2009, 10:14:28 PM »
5412, I am floored as I did not think you could take your money out of the country today.  Maybe I am mistaken and it is only a limited amount you can take out. 

I am intrigued by your posts.  I know nothing about gold and considered buying some gold coins. 

Hi,

Send me something with your email address and I will send you a website.  In the meantime, here is a portion of a newsletter I received today on the subject.....

regards,
5412

Here is part of the article:

One Fraud to Rule Them All:
The Hidden Truth About The "War" on Offshore Banking
And What's Out There Waiting for YOU

Dear A-Letter Reader,

What's that?!

Can you hear it? A dull roar.a vibration.

Oh my, if we can feel it from here.if the media says it's true.if they're talking about it, then it must be true.

The Earth has split wide open - as we've been told - and consumed the veil of bank secrecy that added so much romance and exotic allure to the world's offshore havens.

That's it. Fini.


A celebrated, centuries-long tradition.smashed by leaders of some of the world's most powerful countries.

A mighty battle indeed. The kind of thing that calls for trumpets.

But then again.you don't believe everything you hear, do you? What if this latest "war on offshore fraud" was a fraud in and of itself?


Didn't You Notice Something Strange About the Latest Round of Anti-Offshore Battles?
It was all ivory towers and mighty rhetoric.unproven allegations that offshore havens from Switzerland to Western Samoa cost our government some US$100 Billion in tax revenues.

I shudder to think what our government would do with that extra US$100 Billion.

And I've also got to acknowledge the fact that the tax code has become frighteningly complex.and its enforcement can sometimes seem a little predatory. Joe Louis wasn't a myth. He was a real man.and an incredible hero, who worked long into his retirement to pay off the IRS.

But tax evasion and fraud are both criminal activities here in the U.S.and you've got to play by the rules. There's no sense in going to jail over something like taxes.

But is that really what this is about?

A witch hunt for thousands of American tax-cheats? If so, then we should at least get out the torches and have some fun here. Never waste a good mob.

I might also suggest they could just have the President make a few more appointments. They're bound to scare up a few that way.

But seriously folks, there are some very real implications to the latest round of "tax haven hostilities" that call for your attention.

Namely that the world's 'big governments' - ours employs 1/6th of America's work force by one measure, and plans on collecting hundreds of billions in taxes - are actually waging 'war' on institutions that have a history of "don't ask don't tell" when it comes to tax reporting.

In that sense, you can't rule out a kind of 'protectionism' at work here.

From the outlook for the G-20 summit to China's concerns about treasuries, a wave of protectionism is becoming a disturbing trend .much like the one that hampered recovery from the deep deflation of the 1930's. Nothing as obvious and blatant as Hawley-Smoot, but relations are cooling nonetheless.

Additionally, you should pay attention to the heated rhetoric being slung back and.

well.not forth.

No.it's just the OECD countries that are making great drama out of the offshore battle. The Swiss have made some minimal reactions.but in the Swiss tradition, those reactions are practical, realistic and relatively polite.

So why were the world's governments chasing an "imaginary foe".one based on estimates and predictions, rather than cold hard facts?


They Were Doing What "Big Government" Does Best.
From a practical perspective, they haven't achieved much of anything.

As our Publisher Erika Nolan is always quick to point out, "American citizens are taxed on global income. So there's no way that your personal income can escape the reach of the IRS. The world's offshore havens have basically signed pieces of paper saying that they'll be more eager to reply in cases of both tax evasion and fraud."

But the hype is what matters here. And they laid it on thick.

With a target like the grand image of offshore banking - an image that spurs thoughts of all the romance.the exotic intrigue and the subtlety of a blockbuster thriller movie - it was almost necessary.

From the firebrand Senator Levin down the vice President's informal declaration that paying taxes is "patriotic," this thing has been a show-stopper.

But there's a problem.

All the legal benefits of offshore banking; the little-known secrets, and the cutting-edge Asset Protection that could give you immense peace of mind in these crazy times .they're are all still in place.

So why all the fanfare?

Because most Americans don't know about the real benefits of offshore banking.so their impression from the media's fervent reporting might be no less than the end of offshore banking.

Ultimately, the aim of this "war" is to convince people not to consider offshore as an option.even if they ever did in the first place.

It's more practical for the world's big governments to wage war with an unproven but thoroughly imagined' enemy than it is to pass prohibitive tax laws that would directly hurt citizens and the economy. And it plays better for the media.

Well we're here to say:.False alarm folks! The Emperor's still wearing clothes.


Down with the Hype!
Here's What Offshore Banking Can Do For You

As the war on offshore havens heats up, many international businesses, stock exchanges and financial companies are closing their doors to American clients. It's just not worth the hassle of dealing with our politicians. But with Offshore Bank and Brokerage accounts, American investors can access opportunities the world over, in markets they would've once been locked out of. The world is their oyster!
In today's litigious society, every small business owner is a potential target for frivolous lawsuits. It doesn't matter whether you own rental property, run a restaurant or even offer dental service, you run the risk of a lawsuit that could shut down your company and put you out of work. Offshore Structures can provide Protection from Frivolous Lawsuits; with the help of a number of some prohibitive legislation and rock-solid Asset Protection policies.
Most people don't know that Estate and Probate taxes can eat away a significant chunk of your wealth after your death, and they can tie up your assets for months and even years while a settlement is being reached. You Must Be Prepared. And offshore havens, as well as superior asset management, can help ensure the well-being of your family long after you're gone.
Pre-Nuptial Agreements are always a sore topic; they can cause fights, still end in legal battles and even break up relationships.so who needs 'em! With a carefully structured offshore annuity, you can get all the benefits of a pre-nup without any of the mess.
Cutting-edge asset management strategies like the Life Insurance Policies offered by Colin Bowen from the Isle of Man or the Foreign Variable Annuities offered by Marc Sola from NMG in Zurich can open up a world of new benefits that stack the deck in your favor. These strategies might seem complicated at first, but they can save you unbelievable amounts of money.
These are just a few of the unexpected and little-known advantages of banking offshore.all of which are still perfectly legal.

Offshore havens and careful asset management can legally benefit almost anyone.not just the super-rich. All you need to do is get the right information and guidance.

The information you can find in Offshore Investments that Safeguard Your Cash. It's selling at Barnes and& Noble, Amazon and Borders for US$29.95.

It's one of the most comprehensive volumes out there when it comes to offshore banking, and it'll definitely give you some ideas and insights to get the ball rolling. It's based on ten years of critical work with our Council of Experts and people just like you.


Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #17 on: March 23, 2009, 10:16:40 PM »
How do you go about getting your IRA off-shore?  Yes, I am aware of the talk about the 401K's and IRA.  And I do not put it past them to do this.  I am in cash right now as I don't trust the banks and if they kill the $ it won't matter where my money is anyway.  I know nothing about off-shore transactions. 

Hi,

Please send me an email and I will give you some names, phone numbers, websites etc.  Also a group you need to join which is very inexpensive.  I get a daily newsletter and just posted a small portion of today's in this thread a few minutes ago.

regards,
5412

Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #18 on: March 23, 2009, 10:17:05 PM »
Hi,

To answer your question....yes absolutely.  Here is the problem with gold.  Roosevelt confiscated the gold during the depression to prop up the dollar.  He basically confiscated it and paid folks $20 oz.   Once he had it all, he then decreed that gold was now worth $35 oz., so he devalued the dollar by 60%.  Up until a few months ago I thought I was OK because I had some gold coins.  I learned that the government has now decreed that the value of the coin must be over 50% higher than the value of the metal or it is considered bullion, which would be confiscated.

What that means is this.  If your grandma gave you a $20 gold piece, should the government call in the gold, which is pretty likely to happen, it becomes contraband, and if you do not sell it to them for worthless dollars you are breaking the law.

Roosevelt was also authorized to call in silver which he did not do.

As a result, just owning gold will not solve the problem.  I own three metals, gold, silver and platinum legally offshore is a fashion that it is not likely to be called.  At the same time we have some "junk silver" which more than likely will become the coin of barter when the dollar becomes worthless.

And finally, I am one of those folks who is moving money offshore, legally, not to avoid taxes, but to spread my risk.  Would you rather own a CD in the US paying 2% interest or a Swiss Franc government bond paying 5%......particularly when I tell you the Swiss Franc has doubled versus the dollar over the last twenty years?  It is a bit scary and I wish I did not have to do it, but I have totally lost faith in our government and a lot of my peer group will really suffer if they are not being proactive right now.  

Most folks do not know this but you can move your IRA money offshore legally.  Should you ever decide to live in another country that is a good thing because there will come a day where they say you can leave but you can't take your money with you.....

I welcomed a couple of the CD's being called because I then was able to move some of the money into safer havens.

regards,
5412

IMO, you are making some very astute moves.  I never had much faith in our government (I had an old school civics teacher in HS, he took a liking to me and we'd talk after class about issues) and what faith I did have has dropped drastically in the last 10-15 years (and I am much younger than you).

If I had any significant financial assets, I too would be moving them offshore as rapidly as legally allowed.



"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #19 on: March 23, 2009, 10:19:45 PM »
IMO, you are making some very astute moves.  I never had much faith in our government (I had an old school civics teacher in HS, he took a liking to me and we'd talk after class about issues) and what faith I did have has dropped drastically in the last 10-15 years (and I am much younger than you).

If I had any significant financial assets, I too would be moving them offshore as rapidly as legally allowed.





Hi,

While you may call them astute, it scares the hell out of me.  The pile I have earned since I started working at 14 is what I have to live on for the duration and I cannot afford to lose it.  At my age there is little room for a do-over unless you are Colonel Sanders and make fried chicken.

regards,
5412

PS:  It is bedtime in the eastern time zone.  I will supply information to anyone who wants to email me tomorrow.....
« Last Edit: March 23, 2009, 10:23:15 PM by 5412 »

Offline Black Swan

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #20 on: March 23, 2009, 10:29:29 PM »
5412, I have your web-page.  Under the title it says "Feel the Freedom of Total Wealth."  I will look it over.  Sorry, but I don't do email.  Is there some reason you cannot post the information? 

Thanks

Offline rich_t

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #21 on: March 23, 2009, 10:32:04 PM »
Hi,

While you may call them astute, it scares the hell out of me.  The pile I have earned since I started working at 14 is what I have to live on for the duration and I cannot afford to lose it.  At my age there is little room for a do-over unless you are Colonel Sanders and make fried chicken.

regards,
5412

PS:  It is bedtime in the eastern time zone.  I will supply information to anyone who wants to email me tomorrow.....

Of course it scares you, it is a major change to the way you are used to doing things.  As you say, you have to live on the return and can't afford to lose it.  But you don't think that the uber-rich like Soros or Buffet have their entire assets in US funds only do you?

You are merely doing the smart thing and diversifying your retirement portfolio as much as you can to protect your assets.  Socialists like Pelosi won't like that, but I say screw them.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #22 on: March 24, 2009, 12:31:07 AM »
5412, I have your web-page.  Under the title it says "Feel the Freedom of Total Wealth."  I will look it over.  Sorry, but I don't do email.  Is there some reason you cannot post the information? 

Thanks

Hi,

I am reluctant to give out some contacts names and information on a public site.  The website you have found is a good place to start.  In order for me to work with certain folks I have to be a member.  The way you do things legally gets a bit complicated and there are some folks who are experts at making sure you obey the law.  For example, my IRA goes from one trustee to another, I never see the money.  Then the money goes to an agent who converts the currency and sends it overseas where it is deposited in a bank.  The agent and trustee are fee based, and gives no investment advice and the fees cover the elements necessary that I comply with all the IRA regulations.  Contrary to our government, I am not trying to avoid taxes, but rather to spread my risk.  Overseas I have another fee based agent who helps me with the investments.  All income is properly recorded and accounted for so we are fully compliant with the US tax laws.

If one wants to buy metals, (or other investments for that matter) outside their IRA, then the process is a bit different.  The dealer I use is for the metals is affiliated with the group.  Here is a brochure which might help: http://www.goldyoucanfold.com/PMbrochure.pdf  What I was going to do was email you the dealer's name and address which I prefer not to post.  The person I work with is very knowledgable about the issues we are discussing.  My contact has been very helpful in making sure I go the right direction and keep things totally legal which I want to do or I put the entire portfolio at risk.

regards,
5412
« Last Edit: March 24, 2009, 12:35:26 AM by 5412 »

Offline AllosaursRus

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #23 on: March 24, 2009, 06:32:57 PM »
Quote
As far as investing in something other than CD's--can't say much if any other investments have done any better.  401K was a preferred method today and look what they have lost.

I know whatcha mean. I took all my 401 out of stocks and put in bonds. At least I made a bit over 1% last year. "Toots" left too much of hers in stocks and lost her ass big time!
I'm the guy your mother warned you about!
 

Offline 5412

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Re: Hey young folks, want to let mom and dad move in for the duration???
« Reply #24 on: March 24, 2009, 10:07:10 PM »
I know whatcha mean. I took all my 401 out of stocks and put in bonds. At least I made a bit over 1% last year. "Toots" left too much of hers in stocks and lost her ass big time!

Hi,

I can't imagine this is a friend from high school who happens to be married to "Toots", that would be quite a coincidence....

regards,
5412